Common use of Cash and Property Clause in Contracts

Cash and Property. Such consideration shall: (i) insofar as it consists of cash, be computed at the net amount of cash received by the Company excluding expenses, discounts and commissions payable by the Company in connection with such issuance or sale and amounts paid or payable for accrued interest. (ii) insofar as it consists of property other than cash, be computed at the fair value thereof at the time of such issue, as reasonably determined in good faith by the Board of Directors net of expenses as set forth in clause (i) above; and (iii) in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Company for consideration that covers both cash and property other than cash, the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, shall be as reasonably determined in good faith by the Board of Directors.

Cash and Property. Such consideration shall:: ----------------- (ia) insofar as it consists of cash, be computed at the net aggregate amount of cash received by the Company excluding expenses, discounts and commissions payable by the Company in connection with such issuance or sale and prior to amounts paid or payable for accrued interest.interest or accrued dividends and prior to any commissions or expenses paid by the Company; (iib) insofar as it consists of property other than cash, be computed at the fair value thereof at the time of such issue, as reasonably determined in good faith by the Board of Directors net of expenses Directors, except that any securities so delivered shall be valued as set forth in clause (i) aboveprovided herein; and (iiic) in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Company for consideration that which covers both cash and property other than cashboth, the consideration paid for the Additional Shares of Common Stock be the proportion of the total of such consideration so received, computed as provided in clauses (i) and (ii) above, shall be as reasonably determined in good faith by the Board of Directors.